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Financial Crime, US

NEWS: US Treasury rejects warnings of beneficial ownership reporting gaps

Premium June 3, 2026

The U.S. Capitol dome is seen in Washington, U.S., December 17, 2020. REUTERS/Erin Scott/File Photo

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NEWS: DNB tells financial institutions to sharpen fraud risk strategies

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NEWS: How criminals launder money in the Netherlands: 14 key methods identified

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NEWS: US sanctions Nobitex, Iran’s largest crypto exchange

By PAUL O’DONOGHUE, Senior Correspondent

THE Treasury has rejected a call to address risks created by exempting 99% of U.S. firms from filing beneficial ownership reporting details..

The Government Accountability Office (GAO), the congressional watchdog, said the decision to exempt domestic companies from this requirement created financial crime risks.

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Premium

NEWS: DNB tells financial institutions to sharpen fraud risk strategies

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NEWS: How criminals launder money in the Netherlands: 14 key methods identified

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NEWS: US sanctions Nobitex, Iran’s largest crypto exchange

Regulatory Watch News

  • More than $580,000 forfeited as part of immigration visa fraud investigation

    Australia Federal Police

    More than $580,000 has been forfeited to the Commonwealth as suspected proceeds of crime following an AFP-led investigation into an immigration visa fraud scheme linked to a Central Coast man, 61. The Supreme Court of NSW ordered the forfeiture of $117,000 of those total funds on 1 June, 2026, after the man admitted they were proceeds of crimes he committed between about July, 2017, and May, 2020. Those crimes included his role in providing false documents to a person exercising powers under the Migration Act 1958 (Cth) in connection with visa applications for non-citizens to remain in Australia.

  • Aspiration Partners Co-Founder Sentenced to Prison for $248M Scheme to Defraud Investors and Lenders

    US Department of Justice

    A California man who was a co-founder and former board member of Aspiration Partners, Inc., a financial technology and sustainability services company, was sentenced yesterday to 14 years in prison for a five-year scheme to defraud multiple lenders and investors of at least $248 million. “Joseph Sanberg preyed on investors and lenders who believed in his vision of environmentally conscious fintech,” said Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division. “Instead of delivering on Aspiration’s promises, he orchestrated a multi-year scheme involving fake clients, sham payments, and deceptive loan collateral that caused at least $248 million in losses to numerous victims. This sentence holds him accountable and serves as a clear warning to others who abuse trust for personal gain and obtain loans from the financial industry based on lies and misrepresentations.”

  • Update to UK Sanctions List: Global Anti-Corruption Regime

    UK Government

    Today, Tuesday 2nd June, the UK Government has varied the designation of the following individual under the Global Anti-Corruption Sanctions Regime. Individuals Varied:

    Name: Unique ID:
    Sarju RAIKUNDALIA GAC0051
     

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